The government on Friday allowed JM Financial India Property Fund to bring foreign investment to the tune of Rs 560 crore. The fund will be invested in venture capital funds and financiers—funding Indian real estate development.
This was amongst the 29 FDI proposals, totaling Rs 837 crore, cleared by finance minister P Chidambaram.
Permission has also been given to Citi Group Venture Capital International to buy 10 lakh convertible shares from duty free shop operator Flemingo Duty Free Shop for Rs 100 crore. The investment is expected to be used in the major expansion plan that the company has for the Indian market.
Citi Group has also been allowed to invest Rs 20 crore in converting preferential shares to fully subscribed equity shares at a later stage.
CV Global Holdings Inc, a part of the International Financial Services Limited, IFS Court, will invest Rs 50 crore in Independent News Service Private Ltd. The investment by the Mauritius-based company in the new broadcasting company will be through subscribing to convertible preference shares and purchase of shares from the secondary market of a company engaged.
The Hershey Company will buy 51% in IL&FS Financial for Rs 51 crore, said a government statement. The Indian venture is engaged in the business of manufacture of fruit and vegetable pulp and puree, fruit pulp and juice based beverages etc which are SSI reserved items.
Monet Ltd, IFS Court will invest about Rs 5 crore Hathway Cable to increase foreign equity by 10.83%.
The government has also asked Shell Gas BV and Petroleum not to divest 26% of the equity of its Indian venture to Indian companies in 5 years. The company is engaged in marketing transportation fuels.
Haymarket Magazins of the has also been allowed to increase its holding in its Indian venture from 50% to 75% for a consideration of Rs 5 crore.
Source : Financial Express